$5 Indian

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$5 Indian

Gold Content – 0.24187 oz.

Gross Weight – 8.359 g

Composition – 90% gold, 10% copper

Coin Diameter – 21.6 mm

Thickness – 1.4 mm

Mint Dates – 1908-16; 1929

Description

Details

OverviewThe $5 Indian Head is one of two coins designed by sculptor Bela Lyon Pratt at the request of President Theodore Roosevelt. Dr. William Sturgis Bigelow, a good friend of the president, recommended Pratt, who had once been a student of Augustus Saint-Gaudens. The $5 Indian Head is smaller and less impressive than the coins of Saint-Gaudens, but the Pratt designs are more innovative and daring.

DesignThe obverse (front) shows a Native American chief, the first true Native American ever to appear on United States coinage. Before, Caucasian models dressed in native attire were used. The chief on the Indian Head wears a full-feathered headdress with “Liberty” above the headband. The issue date and 13 stars circle him.The reverse has a bald eagle among olive branches, surrounded by “UNITED STATES OF AMERICA,” “IN GOD WE TRUST” and the denomination.

MintingThe $5 and $2.50 Indian Head gold coins are the first (and only) U.S. gold coins to use the incuse relief technique, giving the lettering and design elements a sunken look on a flat plane. This technique caused controversy when the coin was released because many wrongly believed the design grooves would spread germs.

Augusta does not provide legal, tax, or investment advice. The Augusta® Depository Gold IRA is a self-directed IRA containing physical precious metals administered by a third-party custodian and stored in a non-government depository storage facility where investors can make an appointment to see their precious metals. The Augusta® Home Delivery Gold IRA is a self-directed physical precious metals IRA delivered to your home. Some investors choose to store IRS-approved American Eagle gold or silver in an IRA in their homes. However, it is wiser to store all metals in a safe deposit box at a U.S. bank. If investors sidestep rules or mishandle account assets (e.g., setting up the IRA improperly, engaging in a prohibited transaction, such as withdrawing metals before retirement to use for any other purpose, etc.), or if it is determined that home delivery or home or bank safe deposit box storage are not permitted by the IRS, the investor could lose tax-exempt status and have to pay taxes and penalties. There is no clear IRS guidance on the legality of the home delivery IRA structure or home or safe deposit box storage, and the IRS is under no obligation to issue guidance on whether home or bank safe deposit storage satisfies IRS requirements and may, at any time, audit an IRA, declare that home or bank safe deposit box storage does not satisfy IRS requirements, and impose taxes and penalties on the IRA owner. It is important to consult your own legal and financial advisors before opening a home delivery IRA from Augusta, and then work with your advisors to decide where to store your precious metals. As with any investment, past performance might not predict future returns. The price of precious metals fluctuates over time and investors might lose money.

Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.